2023-11-30

💸 End of Road for BUSD?

November 30, 2023

Howdy Folks,I just had my first festive feeling of the year....maybe there's something wrong with me!

Let's take the plunge!

🔍 Settling Debts Post-Bankruptcy
🌐 Crypto Hub Boosts IOTA
💸 Stablecoin Shift Ahead

📉 FTX Clears Path to Sell $873 Million in Assets

FTX has received court approval to liquidate about $873 million in trust assets, marking a significant move in settling the debts from its 2022 bankruptcy.

This development follows a Delaware bankruptcy court's decision, enabling FTX to use its business acumen for asset sales while minimizing market disruption.

The assets, spread across trusts managed by Bitwise and Grayscale Investments, are valued at $807 million and $66 million, respectively. 💰These sales are vital for FTX's strategy to repay its numerous creditors, including users with funds on the now-defunct platform.Finally!..If you lost your assets...I hope you get something back soon! 🤞

FTX's journey to this point was marked by a tumultuous year. Before its bankruptcy in November, triggered by revelations about Alameda Research's unstable finances, FTX was a major crypto exchange.A "tumultuous year"....erm... understatement! 🤞This asset sale signifies a crucial effort in untangling the complex financial web that led to one of the most notable collapses in the crypto world.

📈 IOTA Soars 43% with Abu Dhabi Foundation

IOTA's native token surged by 43% following the announcement of its development foundation in Abu Dhabi.

This move marks IOTA as the first to register under the Emirates' blockchain foundation regulations, spurring a significant price increase from 17 cents to 25 cents.

The IOTA Ecosystem DLT Foundation, supported by $100 million in IOTA tokens locked for four years, aims to foster the network's global expansion. 🏢

The establishment of IOTA's foundation is part of a broader trend in Abu Dhabi, which seeks to position itself as a leading crypto hub. 🌍Things are definitely moving forward all around the world!!The emirate's financial watchdog, ADGM, has recently granted approvals to several crypto-related firms, including Paxos and digital asset custody provider Liminal.

With a commitment to investing around $2 billion in blockchain and Web3 startups, Abu Dhabi is rapidly becoming a magnet for crypto innovation.Yep, that's a tidy chunk of change!! 🤗IOTA's substantial leap in the market reflects the growing investor confidence in crypto ventures supported by progressive regulatory frameworks and the promise of technological innovation. 🚀💼

📉 Binance to Halt BUSD Support in December

Binance, is set to end its support for the BUSD stablecoin on December 15. This decision follows earlier directives from the New York Department of Financial Services, instructing issuer Paxos to stop minting BUSD.

Initially announced in August, Binance planned a gradual phase-out of BUSD by February 2024, recommending users convert to FDUSD, another stablecoin, with zero conversion fees. 🔚Paxos ensures that BUSD will remain redeemable through February 2024 at least.Don't forget to exchange your BUSD, folks!The exchange's move to discontinue BUSD support coincides with paying over $4 billion in fines and the resignation of CEO CZ following his guilty plea for Bank Secrecy Act violations. 🚨

This change represents a significant shift in the stablecoin market, reflecting the ongoing regulatory challenges and evolving landscape of digital finance.Yeah, but regulators have been gunning for Binance for a while...Binance's decision underscores the complexities exchanges face in balancing regulatory compliance and market demands. 💼🌐